The hacker outsmarted everyone! 🚨 Reverse engineering stunned Tether and Circle! 👇
While companies rushed to freeze stablecoins, the hacker had already secured their plan:
1️⃣ Deposited $60 million as collateral in the Aave protocol.
2️⃣ Borrowed 19,762 Ether (ETH) against it.
The shocking loophole?
Centralized companies can freeze stablecoins, but they can’t touch the borrowed Ether! Even though Aave froze the markets and seized the collateral, the hacker got away with $44 million net in free Ether.
A clever tactical shift that turned the tables! 🤯
#Binance #CryptoHacks #Aave #Ethereum #DeFi #BinanceSquare $GMX
While companies rushed to freeze stablecoins, the hacker had already secured their plan:
1️⃣ Deposited $60 million as collateral in the Aave protocol.
2️⃣ Borrowed 19,762 Ether (ETH) against it.
The shocking loophole?
Centralized companies can freeze stablecoins, but they can’t touch the borrowed Ether! Even though Aave froze the markets and seized the collateral, the hacker got away with $44 million net in free Ether.
A clever tactical shift that turned the tables! 🤯
#Binance #CryptoHacks #Aave #Ethereum #DeFi #BinanceSquare $GMX
